StanChart warns first-half profits to slump 20%

Standard Chartered said its profits would fall by about 20 percent in the first half of this year from a year ago after a slump in income in its financial markets business, hurt by tougher regulations and low market volatility.

The bank also said the weak first half was likely to leave its full year 2014 profits down from 2013.

The bank separately said Lenny Feder, head of financial markets, will take a sabbatical from the bank, starting on July 19, and it had started a search for a permanent replacement.

Income in its financial markets business in the first half would be down about 20 percent from a year ago, the bank said, saying that regulatory and structural changes and market conditions had dampened volatility and hit trading volume.